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Improvements to Municipal Sewage Works Issurance of Revenue Bonds $15,075,000
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Improvements to Municipal Sewage Works Issurance of Revenue Bonds $15,075,000
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Last modified
4/24/2013 2:54:09 PM
Creation date
4/16/2013 11:41:00 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
4/8/2013
Ord-Res Number
10226-13
Bill Number
12-13
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Pursuant to the provisions of the Act and the Ordinance, the principal of and interest on <br />(i) this bond and all other bonds of this issue, (ii) all Prior Bonds (as defined in the Ordinance), <br />which Prior Bonds are on a parity with this bond and all other bonds of this issue, and (iii) all <br />bonds hereafter issued on a parity with this bond and all other bonds of this issue, are payable <br />solely from the Sewage Works Sinking Fund, as described in the Ordinance, to be provided from <br />the Net Revenues (defined as the gross revenues of the Sewage Works of the City after deduction <br />only for the payment of the reasonable expenses of operation, repair and maintenance but not <br />including depreciation and payments in lieu of taxes). This bond and the issue of which it is a <br />part, together with the Prior Bonds and any parity bonds hereafter issued constitute a first charge <br />against said Net Revenues. <br />The City irrevocably pledges the entire Net Revenues of said Sewage Works to the <br />prompt payment of the principal of and interest on the bonds authorized by the Ordinance, of <br />which this is one, and any bonds ranking on a parity therewith (including the Prior Bonds), to the <br />extent necessary for that purpose, and covenants that it will cause to be fixed, maintained and <br />collected such rates and charges for service rendered by said Sewage Works as are sufficient in <br />each year for the payment of the proper and reasonable expenses of operation, repair and <br />maintenance of said Sewage Works, to provide for proper depreciation and for the payment of <br />the sums required to be paid into said Sewage Works Sinking Fund under the provisions of the <br />Ordinance. In the event the City or the proper officers thereof shall fail or refuse to so fix, <br />maintain and collect such rates or charges, or if there be a default in payment of the interest on or <br />principal of this bond, the owner of this bond shall have all of the rights and remedies provided <br />for under Indiana law. <br />The City covenants that for so long as the Bonds and any bonds issued on a parity <br />therewith, including the Prior Bonds, remain outstanding it will set aside and pay into the <br />Sinking Fund a sufficient amount of the Net Revenues for the payment of (a) the principal of and <br />interest on all bonds which by their terms are payable from the Net Revenues, as such principal <br />and interest shall fall due and (b) the necessary fiscal agency charges for paying bonds. Such <br />required payments shall constitute a first charge upon all the Net Revenues. Reference is made <br />to the Ordinance for a more complete statement of the revenues from which and conditions under <br />which this bond is payable, a statement of the conditions on which obligations may hereafter be <br />issued on parity with this bond, the manner in which the Ordinance may be amended and the <br />general covenants and provisions pursuant to which this bond has been issued. <br />This bond is subject to defeasance prior to payment or redemption as provided in the <br />Ordinance. <br />If this bond shall not be presented for payment or redemption on the date fixed therefor, <br />the City may deposit in trust with the Paying Agent or another paying agent, an amount <br />sufficient to pay such bond or the redemption price, as the case may be, and thereafter the <br />Registered Owner shall look only to the funds so deposited in trust for payment and the City <br />shall have no further obligation or liability in respect thereto. <br />This bond is transferable or exchangeable only upon the registration record kept for that <br />purpose at the office of the Registrar by the Registered Owner in person, or by his attorney duly <br />authorized in writing, upon surrender of this bond together with a written instrument of transfer <br />A -3 <br />
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